The impact of Budget 2016 appears to have given a boost to Fine Gael but the Labour Party has seen its support fall sharply since last month.

According to the latest Sunday Business Post Red C opinion poll, support for Fine Gael is up two points to 30 per cent compared with September, the first time in almost three years the party has reached this level.

For Labour the picture is bleaker. The poll, taken between Monday and Wednesday this week, showed a three point decline to 7 per cent compared with last month.

If these results were replicated in the general election the current Coalition would be unable to secure the necessary seats to remain in office without support from Independents or at least one other party.

There was positive news for Fianna Fáil with a two point rise to 20 per cent while support for Sinn Féin was unchanged at 16 per cent.

The report into paramilitaries in Northern Ireland, which indicated that the IRA army council remains in place and influences the party, was released on Tuesday last week.

Sinn Fein is now firmly in third place and its levels of support remain below the 20 per cent levels recorded earlier this year.

Support for Independents and smaller parties has fallen by one point to 27 per cent. Within this grouping the Green Party and Renua are on 2 per cent while the Social Democrats and the new Anti-Austerity Alliance/People Before Profit grouping recorded 1 per cent.

On the basis of these poll results speculation, about a possible Fine Gael and Fianna Fáil coalition is likely to resurface as it appears to be the only combination not requiring a wider grouping of smaller parties and Independents.

However, Taoiseach Enda Kenny and Fianna Fáil leader Micheál Martin have repeatedly ruled out this option.